North Carolina Reverse Mortgages

A North Carolina reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

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How a Reverse Mortgage Works in NC

An NC reverse mortgage enables homeowners in the Sunflower State to tap into home equity and increase their monthly cash flow without having to sell or vacate the property. Also known as a home equity conversion mortgage (HECM), reverse mortgages are used to convert a portion of home equity into cash in the form of tax-free loan proceeds. The funds obtained from an NC reverse mortgage can be spent however you like, such as:
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Supplementing a fixed monthly income
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Deferring Social Security benefits
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Paying for medical bills and prescriptions
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Affording the cost of living
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Financing home renovations or repairs
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Exploring travel, leisure, and hobbies

For a detailed explanation of North Carolina reverse mortgages, check out our comprehensive reverse mortgage guide. You can also contact a friendly GoodLife Specialist who will gladly answer all your questions.

To learn more about the structure of a reverse mortgage in North Carolina, download GoodLife’s reverse mortgage guide for additional information.


Reverse Mortgage Qualifications & Requirements

The reverse mortgage requirements in North Carolina are consistent with those found across the states because the HECM program is overseen by the U.S. Dept. of Housing and Urban Development (HUD) and insured through the Federal Housing Administration (FHA). Federal guidelines on reverse mortgage eligibility require that borrowers must:

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Be at least 62 years old
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Own substantial home equity
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Occupy the property as their primary residence
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Attend a counseling session approved by HUD
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Maintain the property to FHA standards
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Stay current on financial obligations such as property tax and mortgage insurance

Additional factors may impact your eligibility for a reverse mortgage in NC, so speak to a GoodLife expert who can help determine your qualification for this form of government-backed financing.

Do you qualify for a North Carolina reverse mortgage?


North Carolina Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.


North Carolina Reverse Mortgage Process

If you’re looking for a reliable reverse mortgage company in North Carolina, GoodLife is the top-rated lender on Trustpilot. We offer the best rates in the industry that can either meet or exceed our competitors’ rates — guaranteed. Our unique business position allows us to handle the entire reverse mortgage application process in-house, saving you time and money, and we move quickly to fund the loan so you can receive fast access to cash when you need it the most.


First, we’ll learn about you and your financial goals, then we’ll teach you about the HECM program and how reverse mortgages work in NC. Our mission is to improve the lives of others by helping them achieve greater financial freedom, but we’re committing to ensuring this type of loan is the right fit for the right person, at the right time.


According to HUD’s guidelines, all applicants must attend an approved counseling session to speak with someone who will go over the information that we provide and confirm your eligibility for a HECM. They’ll act as an objective third-party and can answer any additional questions you may have.


Next, we’ll arrange a certified appraisal to confirm your property is safely maintained to FHA standards. The appraiser will also estimate the value of your home to help us determine how much equity we can help you access through loan proceeds.


After the application is approved, we’ll expediently originate and fund the loan. You can choose how you would like to receive your money: as a line of credit, monthly installment, or one lump sum payment.

Reverse Mortgages in NC: FAQs

Which properties in North Carolina qualify for a reverse mortgage?

You may qualify for a reverse mortgage in North Carolina if you own substantial equity in a single-family home, townhome, FHA-approved condominium, or two- to four-unit property. The property must be your primary residence, so vacation homes are ineligible, as are properties with more than four units; they’re considered commercial rather than residential.

What if I still have an existing mortgage?

Pending that you have substantial home equity and meet all eligibility criteria, you can still qualify for a NC reverse mortgage. A portion of the loan proceeds will first be used to settle the remainder of your existing mortgage, then you can spend the leftover funds however you like.

Are there monthly payments required on an NC reverse mortgage?

No, borrowers are not required to make payments toward the reverse mortgage balance or interest until the loan reaches maturity — although you can make payments ahead of schedule if you prefer. You will need to keep up with property taxes, mortgage insurance, and home maintenance as needed for the life of the loan.

If you’d like to know more about reverse mortgages in North Carolina, contact a GoodLife Specialist for a free consultation with no pressure to commit. You can also refer to our reverse mortgage FAQ for answers to commonly asked questions.

Download the Reverse Mortgage Guide

Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!

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